Collinsville, Henry County, Virginia Property Taxes
Median Collinsville, VA effective property tax rate: 0.56%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Collinsville, VA home value: $86,700
Median annual Collinsville, VA tax bill: $481, $1,919 lower than the national median property tax bill of $2,400.
How are property taxes in Henry County calculated?
Property taxes in Collinsville, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Collinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Collinsville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Collinsville, Henry County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.56%
Estimate Property Tax Bill
$486
$451
Property Tax Rates Across Collinsville, Henry County, Virginia
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
Collinsville in Henry County, Virginia, offers a unique perspective on property tax rates. The effective property tax rate here is notably lower than the national median of 1.02%. This can be particularly appealing for homeowners looking for a lower tax burden compared to other regions. Virginia's median property tax rate is also below the national average, making it an attractive option for property owners.
By comparing Collinsville's effective property tax rate to other cities in Virginia and the national median, prospective homeowners can make informed decisions. Understanding these differences can help in assessing potential savings and the overall affordability of living in this region.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Collinsville Taxx Rate
0.56%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Henry County Taxx Rate
0.56%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Collinsville, Henry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24078 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Henry County, Virginia
When examining property taxes in Collinsville, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henry County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Henry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Collinsville.
For example, the median home price in Collinsville is $86,700, with tax bills ranging significantly across the county. Zip code 24078 has the highest median home price at $86,700.
Property Tax Assessment Values Across Collinsville, Henry County, Virginia
Source: Ownwell
$50,200
$68,450
$86,700
Median Collinsville Market Value
$86,700
Median Henry County Market Value
$71,300
Median Virginia Market Value
$298,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Collinsville, Henry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24078 | $41,300 | $60,700 | $86,700 | $123,350 | $170,000 |
Source: Ownwell
Property Tax Bills Across Collinsville, Henry County, Virginia
In Collinsville, VA, property tax bills are determined by the assessed value of a home multiplied by the local tax rate set by Henry County. The median home price in Collinsville is $86,700, which influences the overall tax obligation. Homeowners in this region face a median tax bill of $481, significantly lower than the national median of $2,400. Factors such as property size, location, and improvements contribute to the assessed value, thus impacting the tax bill. Despite the relatively low median tax bill, some homeowners find themselves at the higher end, with tax bills reaching up to $944.
Ownwell offers valuable assistance by helping homeowners appeal their assessed values when they seem disproportionately high. Through expert analysis and representation, Ownwell ensures that properties are fairly assessed, potentially reducing tax liabilities. This service can lead to significant savings, allowing homeowners to optimize their expenses while ensuring compliance with local tax regulations.
Median Collinsville Tax Bill
$481
Median Henry County Tax Bill
$396
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,690
Property Tax Bills Across Collinsville, Henry County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24078 | $229 | $337 | $481 | $685 | $944 |
Source: Ownwell